Are you caught in between completing a short sale or going to foreclosure on your home? Maybe you can no longer afford your monthly mortgage payments. Well, Toni Patillo and her associates are here to help. Please consider working with Toni as your Santa Monica short sale agent. She has the experience and expertise to get the job done. There are several benefits and drawbacks to completing a foreclosure on your home. For some homeowners going through a foreclosure can be embarrassing and upsetting, there could be some benefits to come out of it. Your Santa Monica short sale agent can help walk you through the entire process. For one thing, there will be no more mortgage payments to make and the foreclosure process can take months to finalize. The home is still listed as yours until the foreclosure is closed and complete. There won’t be any strangers or potential buyers coming to your home to look at it. Also some banks or lenders will give cash for keys once the home goes to the public sale.
There are also some drawbacks to completing a foreclosure on your property. Most people as they go through life don’t really want to go through the foreclosure process and your Santa Monica short sale agent can help you avoid this as much as possible. Once you’ve had a home and consider all of the memories that were made there, it can be very difficult to walk away. Homeowners must be in a pretty bad financial situation to have to walk away from their home and your Santa Monica short sale agent is aware of this from the beginning. Another drawback is the homeowners will no longer own their home and will have to return to the rental market as a renter. The bank may post a notice of public sale on your door even if you don’t want the neighborhood to know what is going on. Your credit is going to take a hit and it will be a while before you are able to purchase a home again. A foreclosure will remain on your credit report for 10 years. Talk to your Santa Monica short sale agent today and see what the best option is for you and your situation.